Foreclosed Trace Loft Next Door to Us is For Sale

Remember that condo I blogged about in the post how to research a foreclosure in your building? It just hit the market, 1408 12th Ave #202. This unit is actually right next door to us! We’re #201. It looks reasonably priced ($402/sf versus $420/sf for recent sales) but not so bargained price that I’ll pick it up so that I can turn our 880 square foot space into a 1543 square foot one.

The pictures don’t do this place justice:

And here’s the new history:

9/17/2007 – Bought for $375,000 with a 0% down loan
11/1/2010 – Stop paying their mortgage of $2,189.96/month
1/25/2011 – Notice of default
2/25/2011 – Notice of trustee’s sale
5/27/2011 – Auction at King County Administration Building
6/2/2011 – Notice posted on unit that it is now owned by Fannie Mae and that it needs to be vacated
7/6/2011 – Listed for sale on the MLS
?/?/???? – Sold

For years Matt resisted becoming a real estate agent preferring to be an executive at Redfin but he recently caved in the spring of 2014 and became an agent. If you're interested in working with Matt, drop him a line at matt@urbnlivn.com. You can also find Matt on Twitter or skiing.

BLEH

What does it mean that it was sold on 6/16/2011 for $313k? Now it’s for sale at $266k?

Guest

What are those wires protruding from the wall in photos #2 and #3? Were they attached to some feature that came with the unit that was later stripped away?

katrina

In all likelihood those wires are a TV wall mount.

katrina

When the bank forecloses and takes the home back the home it is
considered a sales transaction (that’s the 6/16 sale you are seeing on Redfin history). The amount is what the lender got the
home for.

BLEH

Got that home for? From whom?

Was it the money owed on the loan? Why 313k?

Say I sell my buddy a car for $1000, he keeps it for awhile, stops making payments, owes $900 on it. I take it back. Who/why would I have to pay to take it back?

BLEH

Got that home for? From whom?

Was it the money owed on the loan? Why 313k?

Say I sell my buddy a car for $1000, he keeps it for awhile, stops making payments, owes $900 on it. I take it back. Who/why would I have to pay to take it back?

http://twitter.com/mattgoyer mattgoyer

When the home is foreclosed upon it is sold at auction to pay off the lien holders. When the auction fails what is recorded is the minimum asking price for the auction. In this case $313k. It is not necessarily related to the amount owing on the loan.

http://twitter.com/mattgoyer mattgoyer

When the home is foreclosed upon it is sold at auction to pay off the lien holders. When the auction fails what is recorded is the minimum asking price for the auction. In this case $313k. It is not necessarily related to the amount owing on the loan.

http://twitter.com/mattgoyer mattgoyer

When the home is foreclosed upon it is sold at auction to pay off the lien holders. When the auction fails what is recorded is the minimum asking price for the auction. In this case $313k. It is not necessarily related to the amount owing on the loan.